Ether continued its breaking high run with setting a new amid speculation the network’s value might soar as more traders warmed to the potential of decentralized finance and NFTs.
According to the data from CoinMarketCap, the new all-time high price of $4,138 came less than a week after the cryptocurrency topped $3,000 for the first time. Ether is currently trading around $4,110 on major exchanges.
The price of the second-largest cryptocurrency by market cap has quadrupled just this year alone, outperforming bitcoin the largest cryptocurrency, which has doubled.
Ether now has a market capitalization of $475 billion, exceeding that of Johnson & Johnson, as well as that of Walmart and UnitedHealth. If Ether continues on its upward trend it wouldn't be long when its market cap is half that of larger sibling bitcoin's $1.1 trillion.
The latest price move comes amid signs of growing interest in ether from big institutional investors and Wall Street firms.
The Wall Street investment-research firm FundStrat predicted ether could surge to $10,000 this year, backed by enthusiasm over DeFi’s growth and advances in Internet-based financial applications.